A New Deal for Kenyan Investor In Eastern Equatoria Eastern Equatoria State Government has signed a new partnership accord on the management of Hotel Torit after reviewing the previous lease with a Kenyan investor owning Lake Bogoria Spa Resort-Sudan.11 March 2011 Hotel Torit’s General Manager, Reuben Arguta, at his hotel, Torit [©Gurtong] By Peter Lokale Nakimangole TORIT, 10 March 2011 [Gurtong] –Eastern Equatoria State Government has signed a new partnership accord on the management of Hotel Torit after reviewing the previous lease with a Kenyan investor owning Lake Bogoria Spa Resort-Sudan.
The new deal signed by the State Government and Lake Bogoria Spa Resort-Sudan has overruled a previous agreement finalized last year. Eastern Equatoria Governor Louis Lobong Lojore assured the Kenyan hoteliers that the current agreement was a binding document that confirmed their operations in the State as the preceding agreement of the former administration lacked transparency. Eastern Equatoria Minister of Environment, Wildlife Conservation and Tourism, George Echom Ekeno who presented the terms of the new deal clarified that instead of 30 years lease, the new contract will now be a 10 year renewable lease unlike the past. As per the new deal, Echom elaborated that the company and the State will now share 50 % of profits each during the first year but in the second, the company will get 60 % and the State 40 and in the remaining years 70 % of the profit will be for the investing company and 30 percent for the state. Earlier on, the state government instituted a review committee to evaluate the deal after State citizens expressed concerns over the terms of the contract. The new contract was presented to the State Council of ministers and finally endorsed to the State Legislative Assembly where it was approved, officials revealed. Reuben Arguta, General Manager for Hotel Torit thanked the state authority over the new progress and initiative taken so far, expressed his commitment to supporting the State on development and pledged to invest despite being a Kenyan national. “I feel relieved now over ownership and management of the hotel as the present Government doubted my company’s legal operation in the state but we can all see it becomes apparent making the two parties enjoy business benefit as spelt out in the deal recently signed,” Arguta expressed further. He encouraged the region’s Government to have good investment policies to protect influx of potential investors. The Government of Southern Sudan signed the Investment Provisional Order, 2008 into law in May, 2008 establishing the Southern Sudan Investment Authority (SSIA) as the government's agency responsible for the licensing, promotion and facilitation of all investment activities in Southern Sudan. The authority is in charge of processing and issuing certificates, facilitating issuance of trading licenses and advising the GOSS on investment policy including branding & protecting South Sudan’s image to promote investment. Posted in: Home -- You received this message because you are subscribed to the Google Groups "JFD info" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/jfdinfo?hl=en.
